Professional photographers and enthusiasts might be thrilled to know more about the much awaited new device, the GoPro Hero 5. While the release date is rumored to be slated in October this year, the newest device appears to be their savior in terms of regaining proft.

Go Pro Inc. CEO Nick Woodman said that their goal is to "make everything backwards compatible... our goal is that your older GoPro will work with anything new we make, and vice versa," as per Engadget report.

"We're going to continue with this form factor, and continue to evolve it, and bring more performance to this form factor," as  the GoPro head explained their vision of the newest model adding new feature. 

As Cross Map noted, the company chose to focus on improving the GoPro Hero series which could help relive the company's profit as it has been noted that they had experienced a deficit last year. 

Notably, tech website FOOL.com wrote that GoPro Inc. went down to 80% for the past 12 months because of inadequate cost of products. As a result, their loss went up to a net loss of $34.5 million- which is quite disappointing since there are lots of competitors out there.

For that, the additional features that the GoPro hero 5 will carry is the Ultra HD 8K-video format which can capture an 8K video resolution, twice the ability than its predecessor. The price is yet to be revealed.

While there is no definite date for the launch, FOOL.com wrote as well that the probability about the GoPro being released in October is still uncertain. They quoted the CEO saying that it will be out "later this year."